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Financial & Banking

EY Romania: Telecom operators warn GEO 114 might put at risk investments and mobile communication service

Monday, March 18, 2019

The telecom operators believe the level of taxes set for the telecom industry by Emergency ordinance 114/2018 may put at risk the investments in developing the electronic communication networks as well as the mobile communication services, Alex Milcev with EY Romania says in a company release on Friday. “Starting in 2019, the telecommunication companies in Romania face a new challenge – GEO 114.2018. GEO 114 brings amendments to the ...

EIB Group support worth 1.3 bln euro for Romanian projects in 2018

Monday, March 11, 2019

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The European Investment Bank Group (EIB Group), comprising the European Investment Bank (EIB) and its subsidiary, the European Investment Fund (EIF), provided 1.311bn euro in loans, guarantees, equity and microfinance operations in Romania in 2018, Minister of Public Finance Eugen Teodorovici told a press conference on Wednesday."Just like in the previous years, in 2018 too EIB Group has shown that it brings added value in the various stages of the economic cycle, ...

Euroins acquires Germany’s ERGO subsidiaries in Romania, the Czech Republic and Belarus

Monday, March 11, 2019

Bulgaria-based Euroins Insurance Group AD (EIG), an insurance group in the CEE/SEE/CIS region, owned by Eurohold Bulgaria, has agreed to take over four insurance companies in three European countries – Romania, the Czech Republic and Belarus. All the companies to be acquired are subsidiaries of Germany-based ERGO, one of the major insurance groups in Europe and part of Munich Re, one of the world’s leading reinsurers and risk carriers. ?IG ...

Moody’s improves ratings for Alpha Bank Romania’s long-term deposits

Monday, March 11, 2019

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Moody’s Investors Service has revised upwards the ratings for long-term deposits in foreign and domestic currency of Alpha Bank Romania (ABR) from ‘Ba3’ to Ba2’ as well as the rating for financial soundness (BCA) from ‘b2’ to ‘b1’, a release from the rating agency informs. Alpha Bank Romania’s ratings for short-term deposits have been confirmed at ‘Not Prime’. The ...

Financial services: Commission urges ROMANIA to apply rules on payment services

Monday, March 11, 2019

The Commission decided to send formal requests to Romania to fully enact the second Payment Services Directive ...

Pension fund managers willing to discuss investment options with Romania's Govt.

Monday, March 11, 2019

The seven pension fund managers handling the EUR 10 billion worth of assets accumulated in the 2nd pillar of Romania’s pension system said in a public message, after negotiations held with the Romanian authorities on March 5, that they are ready to “enlarge their investment universe” and include the projects suggested by the ...

BNR Governor Mugur Isarescu met Governor of the People's Bank of China Yi Gang

Monday, March 11, 2019

Governor of the National Bank of Romania (BNR) Mugur Isarescu, on February 28 - March 5, paid an official visit to the People's Republic of China, answering thus to an invitation extended by Governor of the People's Bank of China Yi Gang , according to a press release of the BNR.On the occasion of this visit, the BNR delegation carried out meetings with the leadership of the People's Bank of China and that of the Asian International Infrastructure ...

OTP Bank Romania’s financial results for 2018: a 25% profit advance than in the base period

Monday, March 11, 2019

OTP Group announced an after-tax profit of RON 55.3 million (HUF 3.9 billion) in 2018, according to the report published in Budapest, which presents the consolidated result adjusted in accordance with the Group reporting standards. The bank registered a profit increase of 25% compared to 2017, as a result of a better operational profit. The performing loan volumes, FX-adjusted, increased by 14%, supported by robust mortgage and SME lending dynamics. ...

EIB supports rehabilitation and extension of regional water supply and sanitation services in Alba County in Romania

Monday, March 11, 2019

The European Investment Bank (EIB) is lending EUR 12m to the Alba County Regional Water Company to finance, in conjunction with Cohesion Policy funds, upgrades in drinking water supply and sanitation services for some 332,000 people in Romania’s Alba County. This transaction is backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, or “Juncker Plan”. “I am pleased to ...

Mastercard gives EUR 1 M for the first oncology hospital for children in Romania

Monday, March 11, 2019

Mastercard has announced on Wednesday that it is donating EUR 1 million for the construction of the first pediatric oncology hospital in Romania, a project by developed by Daruieste Viata Association. At the same time, Mastercard says that each donation by a Mastercad card on www.bursadefericire.ro this year will be supplemented by 2 ...

Pillar II fund shareholders call for immediate changes to OUG 114 after talks with Romanian decision-makers  

Monday, March 11, 2019

Shareholders of the Pillar II pension funds wrote a statement for the Romanian authorities on Tuesday where they claimed that of all the provisions of OUG 114, the new capital increase requirements of about EUR 800 million are a “huge, unjustified and unsustainable burden on the industry” and they called for the provision to be revised based on sustainable economic considerations, through real technical consultations between industry and authorities, ...

First Bank invests EUR 7.5 million in technology

Monday, March 11, 2019

First Bank board of directors approved the strategic directions for 2019. The bank accelerates the digitization process and rethinks its internal processes to support the integration of new technologies. Also, it aims to increase both organic market share by launching optimized products as well as through possible acquisitions. To meet new customer preferences and exigencies, the bank will invest EUR 7.5 million in technology and will strengthen its ...

IFC and Stock Exchanges around the World Ring the Bell for Gender Equality

Monday, March 11, 2019

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IFC, a member of the World Bank Group, is partnering with over 70 stock exchanges around the world to “Ring the Bell for Gender Equality”—an initiative linked with International Women’s Day that promotes increased women’s participation in the global economy to catalyze sustainable and inclusive private sector growth. Accelerating the pace of reforms to ensure gender equality could yield enormous benefits, with the ...

European Commission: Banking system in Romania will be highly affected by tax on financial assets

Monday, March 4, 2019

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 The Romanian banking system stability is threatened by the recent introduction of the "tax on greed," which will significantly affect solvability and profitability of the banks and worsen things for the weaker ones, according to the country report for Romania issued by the European Commission (EC) on Wednesday. In the end of last year, without consulting the parties involved and without assessing the impact, the Government decided, through the Emergency ...

EC: Romania is confronted with increased risks-current account deficit deteriorates, increase of unit labour costs

Monday, March 4, 2019

Romania is confronted with increased risks in the form of the current account deficit deteriorating and the increase of unit labor costs, and the recent government decisions have increased the risks in the financial sector and they could negatively affect private investment, the European Commission shows in the Country Report Romania published on Wednesday."Recent legislative initiatives create risks for the functioning of the financial sector. These include a ...

Pillar two pension fund managers report yield of 127.1pct in 2008-2018

Monday, March 4, 2019

The total return on investment reported by pillar two pension fund managers was 127.1pct May 20, 2008 to the end of 2018, giving an average annual yield rate of 8.03pct, according to a press statement released by the Association of Romania's Privately-managed Pension Plans (APAPR)."The total return of all pillar two funds from their inception on May 20, 2008 throughout 2018 was 127.1pct, which is an average annual return rate of 8.03pct for the entire pillar two. ...

BNR: Outstanding leu-denominated loan repayments up 6.46pct; foreign currency ones down 7pct in January

Monday, March 4, 2019

The total outstanding leu-denominated loan repayments of the population and companies in January 2019 amounted to 4.78 billion lei, up 6.46pct from the amount reported in December 2018, while the deposits on foreign currency loans dived 7 percent to 2.8 billion lei (equivalent), according to a report by the National Bank of Romania (BNR).Total lei loans reached 165.27 billion lei (0.35pct less than the previous month's value), of which 65.153 billion lei were ...

Over 11,000 Romanians invest almost RON 700 million in Tezaur state bonds

Monday, March 4, 2019

The Finance Ministry has announced that the total amount invested by Romanians in state bonds created exclusively for the population, with maturities of 2, 3 or 5 years, is RON 694.4 million, http://business-review.eu reports. State bonds in the Tezaur programme could be purchased in the State Treasury’s operative units across the country as well as at Post ...

Romanians react to weaker RON by moving their savings in hard currencies

Monday, March 4, 2019

Romanians have reacted to the RON depreciation by moving savings from RON accounts into hard currency accounts in January, but continue to borrow money in the local currency, according to fresh central bank data quoted by http://business-review.eu. Bank loans in RON granted to individuals rose by 0.3 percent month-on-month and by 18.9 percent year-on-year in January, up to a fresh all-time high of RON 95.9 billion (EUR 20.2 billion) despite higher ...

Fitch affirms Garanti Bank’s long-term IDR with Sable Outlook

Monday, March 4, 2019

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Fitch Ratings affirmed Garanti Bank Romania’s long-term Issuer Default Rating (IDR) at ‘BB-’, with stable outlook, while the bank’s Viability Rating was also affirmed at ‘bb-’, despite legislative uncertainties having already had an impact on the market and the financial system. Stable Outlook on Garanti’s IDR reflects Fitch’s view that the bank is sufficiently independent from the parent bank. The ...

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